IOSCO Consultation Report on Financial Benchmarks

Background -

As we have previously reported, a Task Force of the International Organization of Securities Commissions (“IOSCO”) published a consultation on financial benchmarks on 11 January 2013 in response, in part, to recent controversies in relation to the setting of financial benchmarks, including LIBOR. The January consultation discussed concerns regarding the potential for inaccuracy or manipulation of benchmarks and considered issues such as appropriate standards for benchmark calculation, related governance issues and transparency and openness in the benchmarking process. Subsequent to the publication of the consultation, the IOSCO Task Force held stakeholder meetings and received over 50 comment letters.

On 16 April 2013, the IOSCO Task Force published a follow-up Consultation Report which sets out draft Principles for those involved in the administration of benchmarks and providers of information in connection with their determination. It also includes a feedback statement on the January consultation.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Benchmarks, Consultation, EU, Governance Standards, IOSCO, Libor

Published In: Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »